TD Cowen Analysts See Three Crypto Stocks Outperforming Bitcoin ETFs

Digital-asset treasury companies buy Bitcoin and Ether through share issuance or financing. Their stock prices depend not only on cryptocurrency prices but also on holdings per share, their ability to raise capital and staking yields. Unlike spot ETFs that merely track token prices, these companies can amplify gains but also carry leverage, dilution and operational risks, drawing market attention to TD Cowen's ratings.

On April 9, 2026, TD Cowen assigned buy ratings to Nakamoto, SharpLink Gaming and Strive, with respective price targets of $1, $16 and $26. The valuations assume Bitcoin reaches $140,000 and Ether reaches $3,650 by the end of 2026, with respective revenue forecasts of $394 million, $93 million and $142 million.